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Business lending blueprint cost4/16/2024 ![]() The minimum draw amount is $500 for six-month loan terms if your balance is greater than $500 or $100 if your balance is less than or equal to $500. Overview: American Express® Business Line of Credit offers credit from $2,000 to $250,000. Other online lenders can go up to 24 months or longer. But your repayment term choices are 12 and 24 weeks. Who Fundbox is best for: Fundbox works best for new businesses needing short-term infusions of cash to maintain a healthy flow of capital. Use its online calculator to input your loan amount and chosen repayment term to see your total borrowing costs. Fundbox is also transparent about its fees. As long as you have at least six months in business and $100,000 in annual revenue, you should be good to go. Apply online to see if you’re approved within three minutes. Why Fundbox is the best for startups: While startups may struggle with accessing working capital, Fundbox simplifies the process. The company doesn’t use traditional interest rates, instead relying on an amortized weekly fee. Its credit limits range from $1,000 to $150,000, an attainable starting point for startups covering low-cost expenses yet not as high a limit as most lenders. Overview: Founded in 2013, Fundbox provides working capital loans for small businesses in the form of unsecured lines of credit. SBG Funding claims that it has an 85 percent approval rate, which gives you a high chance of getting approved for funding. However, the website shows minimum credit scores down to 500.īut you will need at least $400,000 in annual revenue or more to get approved for funding. A spokesperson stated that its minimum credit requirements for 2024 are a 600 personal credit score. Who SBG Funding is good for: SBG Funding works well for established businesses with fair to excellent credit. A spokesperson also stated their business line of credit goes up to $500,000, which is on par or higher than other fintech lenders. You can get term loans and merchant cash advances up to $5 million, bridge loans for up to $1 million in financing and SBA 7(a) loans with amounts up to $10 million. Why SBG Funding is best for high loan amounts: SBG Funding offers a variety of business loans with a wide range of funding amounts. They also offer invoice financing, allowing you to get an advance of up to 90 percent of your outstanding invoice amounts. Overview: Founded in 2017, SBG Funding is an online lender with an array of business loan options, from term loans to equipment financing and leasing to SBA 7(a) loans. There’s also no need to provide a personal guarantee, backing the loan with personal assets. Its website says it accepts a three-month average revenue of $15,000 per month, though a spokesperson stated a higher revenue requirement of $25,000 per month. Who Credibly is good for: Since Credibly requires at least $300,000 in annual revenue, it best fits businesses with challenged credit but healthy revenue. As an online lender, Credibly is known for being flexible with its lending requirement, so businesses with a minimum personal credit score of 550 could qualify for funding. Why Credibly is the best for bad credit: Qualifying for a traditional business loan with poor or bad credit is difficult, but Credibly is an alternative. It also partners with other lenders to offer business lines of credit, long-term loans, equipment financing, SBA loans and invoice factoring. ![]() Overview: Established in 2010, Credibly is a direct lender of working capital loans and cash advances to small businesses needing fast funding. In California, products are made or arranged pursuant to a California Financing Law License. ![]() Products offered by National Funding, LLC and affiliates are business products only. Application is subject to approval by the lender and is based on factors such as business type, time in business, annual sales, average business bank account balances, personal credit and other variables deemed relevant by the lender. Approved funding amount is based on eligibility. Rates and terms for business credit products are subject to underwriting guidelines, may be provided by third parties, and are subject to lender approval. This is not a guaranteed offer of credit.
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